EXHIBIT 99.1
FOR IMMEDIATE RELEASE
April 11, 2001
Contact:
Daryl G. Byrd, President and CEO (337) 267-4458 Ext. 4708
John R. Davis, Senior Executive Vice President (919) 676-7641
IBERIABANK CORPORATION REPORTS RECORD OPERATING EARNINGS
(NASDAQ/NMS: IBKC)
NEW IBERIA, LOUISIANA -- IBERIABANK Corporation, the holding company of the
114-year-old IBERIABANK (http://www.iberiabank.com), announced record
operating earnings for the first quarter of this year. For the quarter
ended March 31, 2001, the Company earned $3.5 million, an 18% increase over
the same period in 2000. On a per share basis, the Company earned $0.57 per
diluted share, up 18% from the same period last year, exceeding average
analyst expectations by approximately $0.01 per share.
Daryl Byrd, President and CEO of IBERIABANK Corporation, remarked, "the
financial markets experienced tremendous turmoil during the first quarter. In
contrast, our Company continues to experience record operating earnings. We
firmly believe that improvements in profitability lead to improved shareholder
value. Over the last 52 weeks, our stock price increased 71%, while the S&P 500
Index dropped 24%. We continue to be a shareholder-driven company with an
emphasis on staying close to our clients."
Total assets at March 31, 2001, were $1.4 billion. Compared to year-end
2000, non-mortgage loans increased $8 million, or approximately 4% on an annual
basis, while deposits grew $53 million, or approximately 19% on an annualized
basis.
Return on average equity was 10.87% for the first quarter of 2001, down
slightly from 10.96% for the fourth quarter of 2000, but up from 10.26% for the
first quarter of 2000. The net interest margin for the quarter ended March 31,
2001, was 3.95%, compared to 3.90% reported in both the first and fourth
quarters of 2000. The Company's tangible efficiency ratio improved to 55.8% in
the most recent quarter, an improvement of 550 basis points compared to 61.3%
one-year prior.
Nonperforming assets consisting of nonaccruing loans, accruing loans more
than 90 days past due, and foreclosed property, amounted to $9.0 million
or 0.65% of total assets at March 31, 2001, compared to $8.0 million or 0.57% of
total assets at December 31, 2000. The allowance for loan losses was 1.10% of
loans at March 31, 2001, compared to 1.09% at year-end 2000. The allowance for
loan losses as a percentage of nonperforming loans was 118% at March 31, 2001,
compared to 136% at December 31, 2000.
Book value, or shareholders' equity, per share at March 31, 2001, was
$21.86 and tangible book value per share was $15.60. These figures were up 17%
and 22%, respectively, from one-year prior. The Company's Tier 1 Leverage Ratio
was 7.07% at March 31, 2001, up from 6.67% at year-end 2000. On December 13,
2000, the Company announced the completion of the February 17, 2000 share
repurchase program for 300,000 shares of common stock. On that date, the Board
of Directors authorized a new share repurchase program. The new program
authorized the repurchase of up to 300,000 additional shares of IBERIABANK
Corporation common stock. Since the December 13, 2000 announcement, no shares
have been purchased under the new program.
IBERIABANK operates 23 offices located in south central Louisiana, 11
offices located in northeast Louisiana, and 7 offices located in the greater New
Orleans area.
To the extent that statements in this report relate to the plans,
objectives, or future performance of IBERIABANK Corporation, these statements
are deemed to be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based on
management's current expectations and the current economic environment.
IBERIABANK Corporation's actual strategies and results in future periods may
differ materially from those currently expected due to various risks and
uncertainties. A discussion of factors affecting IBERIABANK Corporation's
business and prospects is contained in the Company's periodic filings with the
Securities and Exchange Commission.
FINANCIAL TABLES ATTACHED
IBERIABANK CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
FOR THE THREE MONTHS ENDED
MARCH 31
----------------------------------------
2001 2000 % CHANGE
- --------------------------------------------------------------------------------------------------------
INCOME DATA
Net Income $ 3,491 $ 2,955 18%
Net Interest Income 12,757 12,371 3%
PER SHARE DATA
Net Income - Basic $ 0.59 $ 0.48 23%
Net Income - Diluted 0.57 0.48 18%
Cash Earnings - Diluted 0.67 0.59 14%
Book Value (End of Period) 21.86 18.65 17%
Tangible Book Value (End of Period) 15.60 12.09 29%
Cash Dividends 0.17 0.16 6%
AVERAGE BALANCES
Loans $ 934,829 $ 855,758 9%
Earning Assets 1,288,283 1,261,168 2%
Total Assets 1,377,952 1,354,588 2%
Deposits 1,160,993 1,122,490 3%
Shareholders' Equity 130,215 115,880 12%
Shares Outstanding - Diluted (000s) 6,126 6,100 -
KEY RATIOS
Return on Average Assets 1.03% 0.88%
Return on Average Equity 10.87% 10.26%
Net Interest Margin (Tax-equivalent Basis) 3.95% 3.90%
Net Charge-Offs to Average Loans 0.27% 0.13%
Tangible Efficiency Ratio 55.8% 61.3%
Average Loans to Average Deposits 80.5% 76.2%
Nonperforming Assets to Total Assets 0.65% 0.28%
Allowance For Loan Losses to Loans 1.10% 1.02%
Tier 1 Leverage Ratio 7.07% 6.48%
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands)
For The Three Months
INCOME STATEMENT Ended March 31,
---------------- ---------------------------------------
2001 2000 % Change
---- ---- --------
Interest Income $ 25,787 $ 24,655 4.6 %
Interest Expense 13,030 12,284 6.1 %
---------- ---------- ------------
Net Interest Income 12,757 12,371 3.1 %
Provision For Loan Losses 714 481 48.4 %
---------- ---------- ------------
Net Interest Income After Provision 12,043 11,890 1.3 %
For Loan Losses
Noninterest Income 3,223 3,159 2.0 %
Noninterest Expense 8,921 9,514 (6.2)%
Goodwill Amortization 798 828 (3.6)%
---------- ---------- ------------
Income Before Income Taxes 5,547 4,707 17.8 %
Income Taxes 2,056 1,752 17.4 %
---------- ---------- ------------
Net Income $ 3,491 $ 2,955 18.1 %
========== ========== ============
BALANCE SHEET March 31, December 31,
------------- 2001 2000 % Change
---------- ---------- ------------
ASSETS
Cash and Due From Banks $ 29,729 $ 32,000 (7.1)%
Interest-Bearing Deposits in Banks 77,700 2,541 2,957.9 %
Investment Securities Available for Sale 190,923 268,223 (28.8)%
Investment Securities Held to Maturity 82,210 76,322 7.7 %
Federal Home Loan Bank Stock 8,108 7,997 1.4 %
Loans Held For Sale 6,696 3,347 100.1 %
Loans Receivable, Net 927,390 930,286 (0.3)%
Accrued Interest Receivable 7,026 9,142 (23.1)%
Premises and Equipment 20,960 21,465 (2.4)%
Goodwill and Acquisition Intangibles 37,997 38,796 (2.1)%
Other Assets 3,967 6,043 (34.4)%
---------- ---------- ------------
Total Assets $1,392,706 $1,396,162 (0.2)%
========== ========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-Bearing Deposits $ 138,887 $ 129,468 7.3 %
Interest-Bearing Deposits 1,057,374 1,013,719 4.3 %
Short-Term Borrowings 2,000 54,000 (96.3)%
Repurchase Agreements 3,797 -- 0.0 %
Accrued Interest Payable 3,507 5,480 (36.0)%
Long-Term Debt 47,165 60,843 (22.5)%
Other Liabilities 7,297 5,610 30.1 %
---------- ---------- ------------
Total Liabilities 1,260,027 1,269,120 (0.7)%
Total Shareholders' Equity 132,679 127,042 4.4 %
---------- ---------- ------------
Total Liabilities and Shareholders' Equity $1,392,706 $1,396,162 (0.2)%
========== ========== ============
IBERIABANK CORPORATION
LOANS RECEIVABLE
(Dollars in thousands)
March 31, % of December 31, % of %
2001 Total 2000 Total Change
--------------- ------------ ------------ ------------ -----------
Residential Mortgage Loans:
Residential 1-4 family $ 270,622 28.9% $ 279,193 29.7% -3.1%
Construction 5,118 0.5% 7,482 0.8% -31.6%
-------------- ------------ ------------ ------------ -----------
Total Mortgage Loans 275,740 29.4% 286,675 30.5% -3.8%
Commercial Loans:
Business 81,289 8.7% 78,986 8.4% 2.9%
Real Estate 199,283 21.3% 196,479 20.9% 1.4%
-------------- ------------ ------------ ------------ -----------
Total Commercial Loans 280,572 29.9% 275,465 29.3% 1.9%
Consumer Loans:
Home Equity 108,339 11.6% 108,070 11.5% 0.2%
Automobile 25,446 2.7% 25,297 2.7% 0.6%
Indirect Automobile 209,260 22.3% 205,143 21.8% 2.0%
Credit Card loans 9,191 1.0% 9,559 1.0% -3.8%
Other 29,174 3.1% 30,316 3.2% -3.8%
-------------- ------------ ------------ ------------ -----------
Total Consumer Loans 381,410 40.7% 378,385 40.2% 0.8%
-------------- ------------ ------------ ------------ -----------
Total Loans Receivable 937,722 100.0% 940,525 100.0% -0.3%
============ ============ ===========
Allowance for Loan Losses (10,332) (10,239)
-------------- ------------
Loans Receivable, Net $ 927,390 $ 930,286
============== ============
ASSET QUALITY DATA
(Dollars in thousands)
Total Nonperforming Assets (*) $ 8,991 $ 7,962
Nonperforming Assets to Total Assets 0.65% 0.57%
Allowance For Loan Losses to Nonperforming Loans 118.1% 135.8%
(*) Nonperforming Assets consist of nonaccruing loans, accruing loans more than
90 days past due and foreclosed property.
DEPOSITS
(Dollars in thousands)
March 31, % of December 31, % of %
2001 Total 2000 Total Change
---------------- ------------ ----------------- ------------ -----------
Noninterest Bearing DDA $ 138,887 11.6% $ 129,468 11.3% 7.3%
NOW Accounts 193,099 16.1% 182,668 16.0% 5.7%
Money Market Deposits 79,651 6.7% 75,204 6.6% 5.9%
---------------- ------------ ----------------- ------------ -----------
Total Demand Deposits 411,637 34.4% 387,340 33.9% 6.3%
Savings Deposits 202,317 16.9% 186,782 16.3% 8.3%
Certificates of Deposit 582,307 48.7% 569,065 49.8% 2.3%
---------------- ------------ ----------------- ------------ -----------
Total Deposits $ 1,196,261 100.0% $ 1,143,187 100.0% 4.6%
================ ============ ================= ============ ===========